Meta plans to raise up to $95 billion in stock to pay for its AI build-out

Meta Platforms said on 26 October 2026 that it plans to raise up to $95 billion by selling stock to finance its artificial intelligence infrastructure, Reuters and CNBC reported. Reuters called it the company’s largest-ever equity fundraising.

How the raise works

• About $35 billion comes now through underwritten public offerings of Class A common stock and mandatory convertible preferred stock.
• A further up to $60 billion would follow through an at-the-market programme using new non-voting Class C shares, which are expected to start trading in the first quarter of 2027. Meta says the timing and terms of that part are not final.
• Chipmakers Nvidia, AMD and Broadcom have expressed (non-binding) interest in buying up to $5 billion of Class A shares in total, Meta said.

Why Meta needs the money

• Meta expects capital spending of $135–145 billion this year and says it is building four data-centre “superclusters” of more than 1 gigawatt each.
• According to Reuters, the company reported negative free cash flow of $2.12 billion in the third quarter, its first in more than a decade, and has about $825 billion in future spending commitments.
• CNBC reported Meta shares fell about 1.6% in morning trading after the announcement.

The debate

Reuters notes the chipmakers’ interest adds to concerns about circular financing in AI, where suppliers help fund a big customer that then buys their chips. William Blair analysts wrote that investors would keep questioning the financing, while also seeing it as a sign of Meta’s confidence in long-term AI returns.